For those who have a huge debt from many resources, don't worry your debts can be resolved more quickly by using this method; the debt snowball method. Have you ever heard of this method?
The debt snowball method is a debt reduction strategy whereby one who owes on more than one account, pays off the debt starting with the smallest balance first while paying the minimum payment on larger debts regardless of interest rate.
This is how the debt snowball method work :
1. List your debts from smallest to largest (an example of a table is in video above)
2. Make minimum payments on all debts except the smallest (pay as much money as you can on those smallest one). Once that debt is gone, takes its payment and apply it to the next smallest debt while continuing to make minimum payment on the rest.
3. Repeat this method just like you did with a previous debt until your biggest debt is paid off.
That's all my sharing about the effective way to pay off all your huge debts. See the detail in the video
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